The Federal Deposit Insurance Corp. has once again pushed back the auction deadline on the $23 billion AmTrust servicing portfolio, National Mortgage News has learned.
At press time the agency had not returned a call about the matter. Milestone Merchant Partners of Miami is the agency's adviser on the sale, but an official at the firm said he could not comment at this time.
Investment bankers that have reviewed the receivables attribute the delay, in part, to the portfolio's large size. The delinquency rate on the underlying loans is relatively low.
Also, investment banking sources say the FDIC is in the middle of wrapping up a $1 billion sale of mostly delinquent AmTrust whole loans.
The sale of AmTrust's servicing rights has been delayed twice already. The latest bid deadline was mid-June.
The agency originally hoped to wrap up bidding at the end of May.
The Cleveland thrift failed late last year.
